Deferred Policy Acquisition Costs (Tables)

6 Months Ended

Jun. 30, 2023

Deferred Costs [Abstract]

Deferred Policy Acquisition Costs And Asset Reconciliation, Including the Amortized Deferred Policy Acquisition Costs

The table below shows the deferred policy acquisition costs and asset reconciliation.

(Dollars in millions)	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Property casualty:
Deferred policy acquisition costs asset, beginning of period	$	714	$	665	$	682	$	602
Capitalized deferred policy acquisition costs	407		375		779		739
Amortized deferred policy acquisition costs	(350)		(317)		(690)		(618)
Deferred policy acquisition costs asset, end of period	$	771	$	723	$	771	$	723
Life:
Deferred policy acquisition costs asset, beginning of period	$	334	$	319	$	331	$	314
Capitalized deferred policy acquisition costs	11		10		22		22
Amortized deferred policy acquisition costs	(7)		(6)		(15)		(13)
Deferred policy acquisition costs asset, end of period	$	338	$	323	$	338	$	323
Consolidated:
Deferred policy acquisition costs asset, beginning of period	$	1,048	$	984	$	1,013	$	916
Capitalized deferred policy acquisition costs	418		385		801		761
Amortized deferred policy acquisition costs	(357)		(323)		(705)		(631)
Deferred policy acquisition costs asset, end of period	$	1,109	$	1,046	$	1,109	$	1,046

Life Deferred Policy Acquisition Costs by Product

The table below shows the life deferred policy acquisition costs asset by product:

(Dollars in millions)
Three months ended June 30, 2023	Term		Whole life		Deferred annuity		Universal life		Total
Balance, beginning of period	$	231	$	44	$	7	$	52	$	334
Capitalized deferred policy acquisition costs	7		2		1		1		11
Amortized deferred policy acquisition costs	(5)		(1)		—		(1)		(7)
Balance, end of period	$	233	$	45	$	8	$	52	$	338
Three months ended June 30, 2022
Balance, beginning of period	$	220	$	39	$	7	$	53	$	319
Capitalized deferred policy acquisition costs	8		1		—		1		$	10
Amortized deferred policy acquisition costs	(6)		—		—		—		$	(6)
Balance, end of period	$	222	$	40	$	7	$	54	$	323

(Dollars in millions)
Six months ended June 30, 2023	Term		Whole life		Deferred annuity		Universal life		Total
Balance, beginning of period	$	228	$	43	$	7	$	53	$	331
Capitalized deferred policy acquisition costs	16		4		1		1		22
Amortized deferred policy acquisition costs	(11)		(2)		—		(2)		(15)
Balance, end of period	$	233	$	45	$	8	$	52	$	338
Six months ended June 30, 2022
Balance, beginning of period	$	215	$	38	$	7	$	54	$	314
Capitalized deferred policy acquisition costs	18		3		—		1		$	22
Amortized deferred policy acquisition costs	(11)		(1)		—		(1)		$	(13)
Balance, end of period	$	222	$	40	$	7	$	54	$	323